FXStreet (Córdoba) – GBP/USD retraced some of its nonfarm payrolls-inspired gains but managed to hold above the 1.5200 level, staying on track to post a mild weekly gain following previous week’s strong fall.
The US dollar weakened broadly following the release of much weaker than expected NFP, which raised doubts about Fed’s willingness to hike rates this year, with Cable reaching a high of 1.5237 before pausing ahead of Monday’s high of 1.5240. At time of writing, GBP/USD is trading at 1.5223, recording a 0.63% gain on the day.
GBP/USD levels to watch
As for technical levels, if GBP/USD breaks above 1.5240 (Sep 28 high), next resistances are seen at 1.5288 (Sep 24 high) and 1.5325 (200-day SMA). On the downside, supports could be found at 1.5125 (Oct 2 low), 1.5106 (5-month low Oct 1) and 1.5088 (May 5 low).
(Market News Provided by FXstreet)